Hyatt Hotels and subsidiary obtain $185 million for construction of Andaz Delhi and Hyatt Regency Ahmedabad
Clients Hyatt Hotels Corporation
Jones Day represented Hyatt Hotels Corporation and its subsidiary Two Seas Holdings Limited ("TSH"), in connection with two financing transactions undertaken by the Indian joint venture of TSH (i.e. Juniper Hotels Private Limited) in aggregate principal amount of approximately $185 million. The proceeds of the loan facilities will be used to fund the construction of the Andaz Delhi and the Hyatt Regency Ahmedabad. The facilities were underwritten by JP Morgan India and credit enhanced by SBLCs issued by JP Morgan Chase Bank N.A. Payment of the facilities and the SBLC arrangements are guaranteed by Hyatt Hotels Corporation.
The Andaz Delhi will be the first "Andaz" hotel to open in India and is a part of Hyatt’s boutique-inspired collection of 12 other Andaz luxury lifestyle hotels worldwide, the other properties under this five-star brand being operational in Europe, the U.S., Japan, and China. One in every four new hotels that Hyatt is going to open globally will be in India. Hyatt's ambitious expansions plans in India include the potential launch of 50 more hotels under the Hyatt banner in the next five years.